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Motorcycle Insurance - Don't Ride Without It
Motorcycle Insurance - mandatory in most, if not all, states - you simply should not ride a motorcycle without being insured. There are insurance companies that specialize in motorcycle insurance, and you can obtain the proper coverage from the well-known companies like Allstate where you can save up to 50% on Allstate Motorcycle Insurance!.
You should shop around for the best rates for the right coverage, but you need to pay particular attention to what coverage you are buying. Compare motorcycle insurance quotes and save!
You absolutely need Liability Coverage which protects you in the event you cause an accident that results in property damage and/or injuries to another person. However, liability coverage does not cover YOU or your motorcycle.
Comprehensive coverage pays for damages caused by an event other than a collision, such as fire, theft or vandalism. However, just like collision coverage, your insurance company will pay for damages, minus your deductible, and will cover only the book value of the motorcycle.
Collision coverage pays for damage to your motorcycle if you are involved in an accident. Your insurance company pays for damages, minus your deductible, caused when you collide with another vehicle or object. Collision insurance usually covers the book value of the motorcycle before the loss occurred. (If you finance your motorcycle, you will have to provide proof of collision coverage to your loan company)
Medical Payment Coverage
You also need to make sure that your policy allows for coverage for medical treatment that YOU may need after an accident, whether your fault or the fault of another. Coverage for medical payments is a separate part of any insurance policy, apart from liability, collision or comprehensive coverage.
Keep in mind that there are limits to the amount of medical payments that your motorcycle insurer will pay, and that this coverage is also subject to a deductible. Most insurance contracts also limit payment for medical expenses to one year after an accident. If you have health insurance, the motorcycle insurance company may seek to apportion payments to the limit of it's liability as compared to all applicable coverage. (Yes, it's complicated)
Additionally, if you are injured because of the fault of another, and you recover money damages from the other driver's insurance policy, you may be required to reimburse your insurer a portion of the money paid for your medical treatment. This is known as subrogation. Look for a subrogation clause in your policy to determine if you have such an agreement.
Uninsured Motorists Coverage
I also HIGHLY recommend the addition of uninsured motorists coverage, because - believe it or not - there are still a number of vehicles on the road that are uninsured or under-insured. If the legal requirement for liability coverage is $25,000, you can bet that a large percentage of the motorists will have that coverage. Given the costs of medical treatment, that may not even cover treatment in an emergency room.
Bottom Line: Protect your motorcycle, yourself and your future. Get appropriate coverage, with sufficient limits to protect yourself and your family. Some motorcycle policies allow for lower premiums during the off-season, which saves some money - but you may have to ask for this. However, make sure that you still have comprehensive and collision coverage during the off-season --- just in case ---shit happens.
For more on motorcycle insurance please see these articles - Top Tips To Help Lower Motorcycle Insurance Premiums and if you are ever
planning to take your motorcycle to Europe check out our article we wrote about getting motorcycle insurance in Europe!